Big Mistakes – The Best Investors and Their Worst Investments : [PDF Download]

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“The late nineties were a rough period for value investors. The Internet bubble temporarily changed the way that businesses were valued. For example, eToys Inc. rose 325% on the day of its IPO. At the time, Toys“R” Us was generating 150 times as much revenue and earned $132 million over the previous 12 months, while eToys had lost $73 million.

Despite this, eToys was valued at $7.7 billion, while the brick and mortar retailer was worth just $5.7 billion. Stocks like Coca-Cola, Gillette, and the Washington Post (Berkshire holdings) were left in the dust as investors dumped value and piled into growth stocks.

From peak to trough (June 1998 through March 2000), Warren Buffett’s Berkshire Hathaway fell 51% in value! During this time, I estimated that Buffett’s net worth fell by more than $10 billion. How much Berkshire did Buffett sell? How much Cisco did he buy? Zero point zero. Not tempted by tech stocks, Buffett remained committed to value investing, and it paid off.”

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